US Stock Market closes higher after Powell’s remarks

The US Stock market closed higher on Wednesday as the investors digested remarks by Federal Reserve Chair Jerome Powell after his testimony before the United States Senate on Tuesday. 

Jerome Powell said on Tuesday that the Fed will raise interest rates more than planned if inflation persists “at high levels longer than expected.” According to Bloomberg, Jerome Powell’s remarks reassured investors the central bank will tackle inflation to extend the economic expansion. 

The Dow Jones was up 0.51%  with Boeing jumping 3,19% following today’s release of its Q4 delivery report. The Nasdaq 100 was up 1.47% while the S&P 500 gained 0.92%.

The Boeing Company said on Tuesday it delivered a total of 99 aircraft in the fourth quarter of 2021. The aerospace company said that it made 84 737 deliveries, followed by eight deliveries of the 767 model.

Since the beginning of 2021, Boeing delivered a total of 340 planes, including 263 737s.

The maker of the iconic video game “Grand Theft Auto,” Take-Two Interactive, announced on Monday it has reached an agreement to buy social game developer Zynga Inc. for $11.04 billion. Including debt, the deal is valued at as much as $12.7 billion. 

Tesla Inc. sold the largest monthly number of vehicles produced in its Shanghai factory in December, according to the data published by the China Passenger Car Association (CPCA) on Tuesday.

The American maker of electric vehicles sold 70,847 China-made cars last month, nearly three times compared to the same month of 2020 and 34% more versus November. Tesla’s factory in Shanghai has manufactured vehicles since 2019, and has a potential yearly output of more than 450,000 cars.

Audi said on Tuesday that deliveries of its fully electric vehicles soared 57.5% in 2021 compared to the previous year.

The company sold 81,894 fully electric vehicles last year and noted it plans to have more than 20 fully electric models in its portfolio by 2025.

However, the carmaker’s sales when all models are taken into account were down 0.7% from 2020 to 1,680,512 units. Audi cited the “difficult supply situation” as the main reason for the slight decline.

READ; US Markets Outlook; Gamestop, DWAC

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